What is a Professional Liability Insurance Company?
A Professional Liability Insurance Company is an insurance underwriting business. It's core business is to provide insurance products to individuals and businesses working in the professions.
Ultimately the insurance premiums you pay are received by the insurance company and in the event of a claim the cost of settlement is borne by the insurance company.
Do I need to transact directly with a Professional Liability Insurance Co ?
No, you can choose to work through a professional liability insurance broker who will act as an intermediary between you and the Professional Liability Insurance Co .
However, you may be able to secure lower cost insurance by approaching the insurance company direct. Taking this approach will cut out the middleman and enable you to avoid paying commission (or fees) to the broker.
Will an Insurance Company provide advice?
No. The insurance company underwrites the risk and administers the insurance policy but does not give advice.
The company will set out the features and benefits of the insurance products that you are considering, but you will be responsible for deciding whether the product is suitable for your needs and whether the policy is competitively priced.
Where can I get independent advice on Professional Liability Insurance?
A professional liability insurance Consultant or professional liability insurance Broker is likely to be the best source of independent advice.
Before you place your business with an insurance Consultant or a Broker, be sure to understand the basis upon which they do business.
It is often the case that a Consultant or Broker will be tied to one or a small number of insurance companies and therefore will not be independent.
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